Frequently asked questions

Everything you need to know about our Over 50s Life Cover

Who can take out Over 50s Life Cover?

As long as you’re aged between 50 and 80 and a UK resident when you apply, we will guarantee to cover you with no medical examination or health questions.

How much life cover can I have?

You can have more than one Over 50s Life Cover policy providing they do not exceed a total of either £100 a month, or have a total payout amount of more than £10,000 across the total number of policies you have with Royal London.

Can you give me advice?

No, we can’t tell you what you should do – that’s up to you. But we will provide you with information about the Over 50s Life Cover policy so you can decide if you want to apply for it.

Do I need to answer any health questions?

No, we won’t ask you any medical or health questions.

What if I change my mind?

If you change your mind within 30 days of the commencement date of your cover, we’ll refund any premiums you have paid. After that, you can cancel your cover at any point and simply stop paying, but you won't get anything back.

How long does cover last?

Your cover lasts until you die, providing you are up to date with your monthly payments. We will automatically stop collecting payments on the policy anniversary following your 90th birthday, or if you die, whichever comes first, but your cover will continue for the rest of your life.

How much will my loved ones get if I die?

When you take out an Over 50s Life Cover policy, you select a monthly payment and we will calculate the cash sum based on your age. As long as you are up to date with your monthly payments, the full cash sum is paid out when you die. The cash sum amount will be shown on your Policy Schedule.

What happens if I die in the first year of cover?

If you die within the first year as a result of an accident, we will pay out the cash sum in full.

If you die within the first year, apart from an accident, we will refund everything you’ve paid us.

What happens if I die after the first year of cover?

If you die after the first year, as long as you have continued to make your monthly payments, we will pay out the cash sum in full.

If you choose to reduce your monthly payments then the cash sum would reduce accordingly – please see the section entitled What if I have difficulty paying – can I reduce my payments?

If you have to stop making your monthly payments you may still be entitled to a reduced cash sum depending on when you stop – please see the section entitled What if I stop my monthly payments?

How long do I need to make payments for?

Some over 50s insurance providers ask you to pay for the rest of your life – however long that is. With us, you pay to the policy anniversary date after you turn 90, or until you die, whichever comes first. Either way, you’ll be covered for life.

What if I have difficulty paying - can I reduce my monthly payments?

Yes you can. If at any point you need to reduce your monthly premiums, then that’s fine. You can reduce your payments, as long as you keep paying at least £3.95 a month. If you reduce your monthly payments your cash sum will reduce too. You can decide what reduced level of monthly payments you wish to pay, and we will tell you your new level of cover.

What if I stop making my monthly payments?

The policy is designed for you to make your monthly payments until the policy anniversary following your 90th birthday. If you stop your monthly payments before this time, when you stop paying is important:

If you have paid premiums for less than half of your maximum payment period, then your cover will stop and you won't get anything back.

If you have paid premiums for at least half your maximum payment period, we will pay at least half of the protected cash sum when you die. The longer you’ve been paying before you stop, the bigger the cash sum we will pay out

What if I want to increase my cover?

You could increase the total amount of your cover by taking out a new policy. The increase can be from £1 a month. Note that your total monthly payments for all of your Royal London Over 50s Life Cover policies can be no more than £100 per month and your total cover must not exceed £10,000. The new policy will be subject to the Terms and Conditions that apply at that time.

Will my payments go up in future?

No. Your monthly payments will not increase.

How is a claim made?

You can find out more about how to make a claim in the terms and conditions we sent you when the policy was taken out or by calling us and our trained staff will deal with the claim with kindness and sympathy. Please call our UK based call centre on our dedicated claims line:

If you have chosen the Funeral Benefit Option then, when the time comes, your family will need to make just one phone call to Dignity. A Dignity Funeral Director will then get in touch with them to sort out arrangements, while giving them all the support, advice and care they may need. For more information see the Funeral Benefit Option section.

Or they can post to: Claims Department, Royal London Address, Town, Postcode, or email <email address>.

If you choose to take advantage of the Funeral Benefit Option provided by Dignity Caring Funeral Services – your family can contact them straight away. For more information see the Funeral Benefit Option section

To make it easier for your family at a difficult time, please keep your policy documents safe and let your next of kin know where to find them.

What do I need to make a claim?

We will ask you for information and documentation that we reasonably require to asses the claim. We will not be able to pay a claim until, in our reasonable opinion, we have recieved accurate or complete information.

We aim to make the claim process as simple as possible and may require some or all of the following information before we are able to pay a claim.

An original death certificate

Proof of the correct date of birth

Evidence of a change of name (if applicable), for example a marriage or civil partnership certificate.

In the case of an accidental death claim in the first year of the policy, such medical evidence relating to the Life Assured as we may require, which may include full medical records.

Who will you make the claim payment to?

Once the claim requirements have been met, we will send the full lump sum due under the Policy, to the person(s) legally entitled to recieve it.

If the policy has been placed in trust or assigned, we will pay the full lump sum to the trustee or assignee.

In all other circumstances we will pay the Payout Amount to the Life Assured's personal representative.

What if I die in the first year?

If you die within the first year as a result of an accident, we will pay out the cash sum in full.

If you die within the first year, apart from an accident, we will refund everything you’ve paid us.

What could the cash sum be used for?

The cash sum could be used to help loved ones pay for a funeral, or as a gift for children or grandchildren. If you'd like it to go towards your funeral, you may wish to consider the Funeral Benefit Option, which gives an additional £300 contribution towards the cost of a funeral with Dignity.

Does the state help pay for a funeral?

The Government provides access to a special Social Fund Funeral Payment to provide help towards a simple, respectful, low cost funeral.

There are complex eligibility criteria and the scheme is only available to people who are responsible for funeral costs and who are in receipt of certain qualifying benefits or tax credits.

In 2014-2015, the last year figures are available from The House of Commons Paper - Social Fund Funeral Payments states that 41% of all claims were rejected. For those who have a claim accepted the average is currently around £1400.

To apply for a Social Fund Funeral payment your family will be asked to provide an invoice for the funeral, taking on average over 14 working days to find out if they qualify.

The scheme is only available to people who are responsible for the deceased's funeral costs and who are in receipt of certain qualifying benefits or tax credits. Nearly half of all claims are rejected.

What is the Funeral Benefit Option?

The Funeral Benefit Option allows you to "charge" your Over 50s Life Cover policy to Dignity. This means the cash sum will be paid directly to Dignity when you die, and it will go towards the cost of funeral services. A Dignity Funeral Director must be used and Dignity will also contribute £300 towards the cost of the funeral. You can choose the Funeral Benefit Option when you apply for the policy or at any point afterwards - it's up to you.

Does the policy have a cash value?

No, this is a life insurance policy that will only pay out on death, there is no cash value at any time.

What is the tax position on the Over 50s Life Cover policy?

The proceeds from your Policy are free from UK income tax and capital gains tax under current tax rules. The amount paid on your death may form part of your estate, which may be subject to Inheritance Tax. How tax could affect you will depend on your individual circumstances. If you are unsure of your tax position you should seek professional advice. The Government may change the tax position described at any time.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.